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Scam Alert: Foreign Money Scams

Posted by Ellen Brown | Jan 10, 2024

Foreign money scams are when someone tries to convince you to invest in a foreign currency or send money to a foreign country, promising big returns or prizes. This is a common scam that can happen through email, social media, or even phone calls. Here are some tips to help you avoid foreign money scams:

  1. Be wary of unsolicited offers: If someone you don't know contacts you with an offer to invest in a foreign currency or send money overseas, be careful. Don't send any money until you're sure it's safe.

  2. Verify the company: Before investing or sending money, research the company or individual who contacted you. Check their website, social media profiles, and reviews from other customers.

  3. Beware of high-pressure tactics: Scammers may pressure you to act quickly or promise guaranteed returns. Don't be rushed, and don't believe anything that sounds too good to be true.

  4. Don't send money for fees or taxes: Scammers may ask you to send money for fees or taxes before you can receive your winnings or profits. Don't send any money, as this may be a tactic to steal your money.

  5. Report suspicious activity: If you think you've been targeted by a foreign money scam, report it to the Federal Trade Commission or to the U.S. Securities and Exchange Commission.

Remember, it's always better to be safe than sorry when it comes to foreign money scams. If you're not sure whether an offer is legitimate, don't send any money until you've verified the company's authenticity. And never send money for fees or taxes, as this is a common tactic used by scammers. Instead, report any suspicious activity to the appropriate authorities.

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